- It’s been a while since my last podcast and I’ve gotten quite a few emails from people wondering what happened to me
- I was out of the country for about a week, and I did manage to get one podcast off from my hotel room
- But when I got back, I was backed up with work, and by the time I caught up, I came down with a case of laryngitis, which has still not completely gone away
- I want to start off by talking about the stock market
- The Dow hit a new record high today; inter-day we got to 19,824 – we closed at 19,796, getting closer and closer to the 20,000 level
- NASDAQ, on the other hand was down to day
- But one of the interesting things about this is that the rally is predicated on Donald Trump and all of the great things that are going to happen as a result of his election
- And of course, the very people who are buying this Trump rally are the same people who are telling us what a disaster it would have been if Trump won
- He won – but now they’ve reversed course
- I’m sure if Hillary had won the market would be rallying now with a different spin – we dodged the bullet of Trump
- The markets were looking for an excuse to rally, and there were a lot of shorts in the market, so now, we’re rallying
- But the interesting thing about this is, if you remember when Donald Trump was running for President
- He kept talking about the “big, fat, ugly bubble”
- He was talking about the stock market
- Now, if you listen to Trump talk, he loves the stock market – he’s taking credit for the gains in the stock market
- He wants us to judge him based on when he was elected, not based on when he is inaugurated because he is trying to claim credit for the gains in the stock market
- Wait a minute – if the stock market was a big, fat, ugly bubble before Trump was elected
- And if now the stock market is much higher
- Isn’t it bigger, isn’t it fatter, isn’t it uglier now?
- If that’s the case, why doesn’t Donald Trump still call it a bubble?
A Candidate’s Bubble Is a President-Elect’s Bull Market – Ep. 214
Peter Schiff is an economist, financial broker/dealer, author, frequent guest on national news, and host of the Peter Schiff Show Podcast.
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